Reuters was told the information by three independent sources familiar with the matter. Representatives of PIF, a company operating with $300 billion, reportedly sent a request to banks for conditions on how to start selling Elm shares to the public.
However, it’s not clear yet how big the initial public offering (IPO) will be. One of the sources, which informed Reuters, mentioned 30% of the company in an IPO, which would be “mid-sized”. Neither PIF nor Elm has answered any questions yet.
Elm is fully owned by the Public Investment Fund and ensures security of e-business services. Moreover, it focuses on information technology provided to the state. PIF serves as subsidiary company to Saudi Ministry of Finance. Last time when Saudi Arabia listed a company on stock markets was the end of 2019, when oil producer Saudi Aramco entered markets.